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The right to require a party to repurchase a receivable for a defined repurchase price.
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Determining applicable law and jurisdiction, and the territorial scope of statutory employment rights—checklist This Checklist provides an overview of the questions to be asked when determining: • which system of law is applicable to a contract of employment or employment relationship (applicable law) • whose courts and/or tribunals should decide an employment case (jurisdiction), and • how the courts and employment tribunals decide what statutory rights, if any, an employee who works abroad and/or has a foreign employer (territorial application or scope of statutory employment rights) Brexit impact From exit day (31 January 2020) the UK ceased to be an EU Member State but, in accordance with the transitional arrangements provided in the Withdrawal Agreement, the UK was in an implementation period (IP) until 11pm on 31 December 2020, known as ‘IP completion day’. During this period, the UK continued to be treated by the EU as a Member State for many purposes. While it could not participate in the political institutions and governance structures of the EU, the UK...
Commercial contract review and execution (business personnel)—checklist This is a Checklist for in-house lawyers to provide to those of its employees (eg procurement or sales professionals) who are engaged in negotiating commercial contracts. It sets out the primary issues to consider when negotiating or reviewing a business-to-business commercial contract, and includes practical guidance. This Checklist may be suitable for use in low risk contracts where employees who are not legally qualified are authorised to conduct negotiations and contract review. It may be customised as required to work with a company playbook on contract negotiation and review, to include suggested fall-back drafting positions and escalation points for recourse to a legal team as appropriate. As it is intended to be used by non-legal professionals, it does not include links to further detailed legal commentary in each case. For a Checklist intended for use by legal professionals with links to further information, see: Commercial contract drafting and review—checklist. In-house lawyers should check that business personnel engaged in negotiating and concluding commercial contracts...
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The popularity of financing business through invoice discounting and factoring of receivables has grown significantly in the UK over the last 25 years.Invoice discounting and factoring are types of receivables financing whereby a company, sole trader or partnership, known as the client, sells (ie assigns) its book debts (or receivables) together with all related rights, to an invoice discounter or factor (each a receivables purchaser) at a discounted rate. The advantage to the client is that it enjoys a more predictable and liquid cash-flow cycle.This Practice Note:•explains the basic difference between invoice discounting and factoring•illustrates the invoice discounting and factoring process•highlights the challenges that can arise in relation to the purchase of a receivable, and•provides a brief overview of the UK-based trade association for asset based financing (including receivables finance)Distinguishing between invoice discounting and factoringBoth invoice discounting and factoring facilities involve the purchase of receivables from a client by the receivables purchaser at a discounted rate.The principal difference between the products is whether the sales ledger administration and collection functions...
Fitness for purpose in construction contracts A contractor or consultants’ standard of care in relation to design is a common source of disagreement between the parties to a construction project. In most cases the contractor or consultant will be trying to avoid accepting a 'fitness for purpose' obligation in relation to the design—either express or implied. This Practice Note examines what the so-called 'fitness for purpose' obligation is, who is subject to it and who isn't, where it comes from and why contractors and consultants are keen to avoid accepting it. It also includes example clauses and considers whether a contractor should accept them. The amount of design that a contractor or consultant may carry out under their contract or appointment will vary but, regardless of the extent of design undertaken, the principles dictating the standard of care in respect of that design will be the same. Where does the fitness for purpose obligation come from? The fitness for purpose obligation derives from legislation regarding product liability and...
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Senior or Specialist Worker—entry clearance—email at beginning of process Dear [APPLICANT], Your Senior or Specialist Worker entry clearance visa We have been instructed by [SPONSOR] to assist you [and your dependants] with an application for entry clearance to the UK (a visa) under the Global Business Mobility (GBM)—Senior or Specialist Worker route. This route is for established workers who are being transferred by their existing employer to do a skilled role in the UK. Eligibility To be eligible for a Senior or Specialist Worker visa, you must be currently working for [SPONSOR]’s group overseas and [have worked with [SPONSOR] outside the UK for 12 months and earn at least £48,500 per annum and the relevant going rate for your SOC 2020 occupation code OR earn at least £73,900 per annum and the relevant ‘going’ rate for your SOC 2020 occupation code and therefore be classified as a ‘high earner’ by the Home Office] in a role that is listed as eligible for the route in ...
Letter to lenders governing appointment of creditors’ committee To: The persons listed in Schedule 1 to this letter [insert names of Lenders] From: [insert name of solicitors for the Creditors' Committee or the name of the Chair] Date: [insert date] Appointment of Creditors' Committee We refer to the discussions at the meeting of creditors convened by [insert name of debtor company] (the Company) to discuss the proposed restructuring. 1 Definitions and interpretation 1.1 Definitions In this letter, unless otherwise provided: Business Day • means a day other than Saturday, Sunday and public holidays when clearing banks generally are open for business in London; Chair • means the Lender appointed to chair the Creditors' Committee under the Creditor's Committee Agreement; Commitment • means (a) any undrawn amount which a Lender has committed to make available to the Company (but excluding any undrawn uncommitted amounts); (b) the principal amount of a Lender's participation in any utilisation by the Company, in each case under the Finance Documents; Committee...
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Ireland—Employment analysis: The Pensions Authority (the Authority) has published a Findings Report (the Report) on its 2024 supervisory activities which will be useful reading for pension scheme trustees and their advisors. This article was written by David Main, Chris Comeford, David Francis and the Pensions Disputes & Investigations Group of A&L Goodbody LLP
Law360: With the Trump administration's emphasis on tariffs, including introducing tariffs against the U.S.' three biggest trading partners and advocating for an External Revenue Service to collect tariffs and other foreign revenue, members of the business world face increasing uncertainties as they assess and renegotiate the cost of doing business and obligations under a changed economic and political landscape, increasing the likelihood of contract disputes.[1]
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